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[February 19, 2006]
DJ BASE METALS UPDATE:Vedanta To Invest $3B In India By 2010
(Comtex Business Via Thomson Dialog NewsEdge)TOP STORIES:
NEW DELHI, Feb 19, 2006 (Dow Jones Commodities News via Comtex) --INDIA PRESS: Vedanta To Invest $3B In India By 2010
Vedanta Resources Plc (VED.LN), plans to invest $3 billion to expand aluminum, copper and zinc production in India by 2010, the Business Standard newspaper reported Monday, quoting a senior company executive.
Bluescope: Asian Steel Prices May Rise
MELBOURNE (Dow Jones)--Australia's Bluescope Steel Ltd. (BSL.AU) said Monday that Asian steel prices may have bottomed and are expected to gain in the second quarter of 2006.
Japan Mfrs' FY06 Steel Shipments To Hit 16-Yr High-Nikkei
TOKYO (Nikkei)--Shipments of steel for Japanese manufacturers are expected to top 50 million tons in fiscal 2006, marking a 16-year high, thanks to strong demand for high-grade steel materials from automakers and shipbuilders, according to projections by major steelmakers, the Nihon Keizai Shimbun reported in its Monday morning edition.
STORIES OF INTEREST
Australia's Oxiana FY Net A$80.3M
SYDNEY (Dow Jones)--Australian miner Oxiana Ltd (OXR.AU) Monday reported net profit of A$80.3 million for full year ended Dec. 31, up from a loss of A$8.8 million the previous year.
Bluescope Steel 1H Net A$312M
MELBOURNE (Dow Jones)--Australian steel maker Bluescope Steel Ltd. (BSL.AU) said Monday first-half profit fell 38% to A$312 million as excess Chinese steel production drove down prices the company gets for its products and as it paid more for iron ore and coking coal.
UK PRESS: Arcelor To Announce Chinese Investment >5786.FR
LONDON (Dow Jones)--Arcelor (5786.FR), the Luxembourg-based steel company, is expected to announce it has signed a deal to buy China's Laiwu Steel Corp. (600102.SH), The Sunday Telegraph reports.
Copper Mkt Moves Into Uncharted Territory -Metals Manager
NEW YORK (Dow Jones)--The copper market has moved into uncharted territory and entered the first phase of "irrational exuberance" as prices remain near record levels, said John Gross, director of Metals Management at Scott Brass Inc.
UPDATE: Mining Sector Poised For Lonmin Deal; Shrs Surge
LONDON (Dow Jones)--The mining sector appeared poised for another large-scale deal as U.K.-listed platinum miner Lonmin PLC (LMI.LN) said Friday it had been in talks which could lead to an offer for the company.
Norilsk Nickel: Not In Talks To Buy Lonmin
LONDON (Dow Jones)--Russian mining giant OAO Norilsk Nickel (GMKN.RS) said Friday it isn't in talks to acquire world number three primary platinum producer Lonmin PLC (LMI.LN)
Chile Mining Minister Slams Escondida On Copper Royalty-Report
SANTIAGO (Dow Jones)--Chilean Mining Minister Alfonso Dulanto slammed copper mining giant Escondida's decision to not pay royalties as it would only have cost it 2% of its $2.5 billion 2005 earnings, La Tercera newspaper reported Friday.
ICSG: Nov '05 Refined Copper In 59,000 Tons Surplus
LONDON (Dow Jones)--The world refined copper market was in surplus by 59,000 metric tons in November 2005, the International Copper Study Group said in a preliminary report released Friday.
WSJ: Alcoa Moves Ahead With $1.5B Smelter In Trinidad
PITTSBURGH (Dow Jones)--Alcoa Inc. (AA), the world's largest aluminum producer, is moving forward on plans to build a $1.5 billion aluminum smelter on Trinidad, with capacity to make 341,000 metric tons of aluminum per year.
Equities To Steal Limelight From Commodities - JPMorgan
LONDON (Dow Jones)--Demand for commodity basket investments should decline in coming months as broad-based fund investors opt for the relative outperformance of equities, JPMorgan said in a report Friday.
Flow Of Money To Commodities Becoming A Bubble -Analyst
LONDON (Dow Jones)--The stampede of money into the commodity markets, and copper in particular, is increasingly becoming a bubble, industry consultant Simon Hunt said.
Comex Copper Review: Lower On Late-Day Liquidation
Late-day liquidation helped send copper futures lower in New York on Friday, traders said. A potentially bearish influence was a build in warehouse stocks affiliated with the Shanghai Futures Exchange, an analyst added.
LME Review: Copper Pushes Higher In Thin, Nervous Trade
LONDON (Dow Jones)--London Metal Exchange three-month copper averted a test lower in the AM to claw back to within $33 a metric ton of where it began the week, traders said.
China Copper Futures Settle Mostly Up; Tracks LME Gains
SHANGHAI (Dow Jones)--China's copper futures on the Shanghai Futures Exchange settled mostly higher in choppy trading Friday, following a turnaround in three-month London Metal Exchange copper Thursday.
-By Glenys Sim, Dow Jones Newswires; 65-6415-4083, email@example.com
(END) Dow Jones Newswires
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